Meaning
To miss the boat / To drop the ball
Example
Dormiu no ponto e perdeu a vaga de emprego para outro candidato.
He missed the boat and lost the job position to another candidate.
Origin
The literal image is of a bus driver who fell asleep at the stop ('ponto') and missed the passengers.
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More idioms
Acertar na moscaTo guess correctly / To hit the nail on the headAmigo da onçaA fake/false friendAndar na linhaTo toe the line / To behave properlyArmar um barracoTo cause a public sceneRodar a baianaTo cause a public scene / To go ballisticArrumar sarna pra se coçarTo ask for troubleArrastar as asasTo hit on someone / To flirtAbrir o jogoTo come clean / To open upArregaçar as mangasTo roll up one's sleeves / To get to workAgarrar com unhas e dentesTo hold on for dear life / To seize an opportunity